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If co-sign for someone can you make a side deal that you are not responsible you are just co-signing to help the person a bit they are still responsible?
Wiki User
∙ 14y ago
No. When you co-sign a loan, that's exactly what you are doing - agreeing to be responsible for paying off the loan if the primary signer defaults. If the co-signer wasn't responsible for the loan, there would be no need for a co-signer. Without a co-signer, the primary signer couldn't get the loan (or couldn't get as good an interest rate).
Basically, for one reason or another, the bank doesn't trust this guy to pay off the loan. And they're not in the business of giving away money. So they want some assurance that they're going to get their money back. If you trust the guy, and the bank trusts you, then they are happy to loan the money to the guy, with you as a co-signer. But only because they know that you are legally responsible for paying off the loan if the primary signer doesn't.
Wiki User
∙ 14y ago
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Can someone on social security benefit's cosign for a loan?
Yes, someone on the social security can be able to cosign for a loan. The person cosigning the loan however has to have good credit regardless of his availability on the social security benefit.
Can somebody cosign for a car for you over the phone?
Unfortunately, no. When someone is cosigning something, they must be present. The reason being that they have to be there in person to sign the papers personally.
Will I be able to get a student loan if you cosign on someone elses for about 50000?
The loan you cosign is going to count as a loan that you have. If you have the income to support that loan, plus yours, from a loan officer's point of view, you may be able to get a loan. Generally, though, cosigning is a bad idea for anyone.
Can you cosign verbally?
No, cosigning cannot be done verbally. A person who is co-signing must attend the loan closing and further sign all the necessary documents.
How can you be a cosigner if the title is in the name of the person you cosigned for?
Many people cosign a loan for property they don't own. Many are uninformed of the consequences of cosigning. They don't realize they are agreeing to be completely responsible for a loan for property that belongs to someone else. If the primary borrower defaults on the loan and the cosigner must make the payments, the cosigner has no automatic right to the property.
Can a person without a drivers license cosign for someone?
Yes
What does cosign mean?
a cosigner is someone that also signs a note, meaning that if the original signer dose not pay the obligation the second signer or cosigner must pay. It means, if the person getting the loan does not pay it off, the cosigner is responsible for paying the loan off.
If you cosigned a loan do you have the right to know where the person lives?
If you cosign for a loan you essentially have a right to know everything there is to know about the person you are cosigning for. I would advise you to get every detail you can because if the principal does not pay the note, then you will be legally obligated to do so.
Can someone without a job co-sign on a car?
Yes, a person without a job can cosign on a car loan. However, the person must have great credit before they can cosign.
Can a grandparent cosign?
Absolutely anyone that can qualify for credit can cosign a loan for anyone. But be careful, as the person cosigning takes full responsibility for seeing the loan is payed and will be the one sued for failure to pay (not the person they cosigned for) should the lender decide it is necessary to sue (e.g. the car was destroyed while uninsured and thus cannot be repossessed and no insurance settlement will be made).
If you are the co-buyer and you are the one making the payments can the buyer take your auto away?
Cosigning for ANYONE is one big mistake. If the person you cosign for is not making the payments then the person that cosigned is responsible for all payments. I have no idea why anyone would want to do this. Unless there were stipulations in the contract you signed with the buyer, then no, they can't just up and sell the car. Take another look at your contract. Marcy
Does cosigning an auto loan make you responsible for insurance?
Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.
